Blomivest, Maskan progress $126m Riyadh scheme

Saudi Blominvest – a division of Lebanese bank Blom – has signed a deal with local developer Maskan Arabia to develop its entire $126.6m (SR: 475m) residential scheme in northern Riyadh.

An investment made through Blominvest-Maskan Arabia Real Estate Development Fund will see 292 houses built through three separate phases covering infrastructure works, building works and MEP/finishing works.

Speaking at the signing ceremony marking the event, Maskan Arabia CEO Eng Hossam Al Rashoudi said: “Signing the construction contracts is a very important step to start the implementation and development of the entire project and emphasizes our efforts to complete the project within the specified three-year time period.

“This step coincides with the achievements made by the company so far, with respect to the purchase of the project lands, the assigning of the consulting firm that will carry out the design works, and completing the rehabilitation of the main contractors of the project, which has quality features making it the leading housing project in terms of location, quality of and durability of construction, and elegant design.”

The project features more than 30 different villa designs.